Half-year Report

THE DIVERSE INCOME TRUST PLC

HALF-YEARLY FINANCIAL REPORT

The Directors present the Half-Yearly Financial Report of the Company for the period to 30 November 2023.

RESULTS FOR THE HALF YEAR TO 30 NOVEMBER 2023

Summary of Results

	As at 30 November     2023	As at 30 November 2022	As at  31 May 2023
NAV per ordinary share1	85.61p	95.45p	88.87p
Ordinary share price	79.40p	91.20p	83.40p
(Discount) to NAV1	(7.3%)	(4.5%)	(6.2%)
Ordinary shares in issue	318,540,642	355,870,647	318,540,642
	Period to 30 November 2023	Period to 30 November 2022	Period to 31 May 2023
Revenue return per ordinary share1	2.38p	2.23p	4.05p
Ordinary dividends per ordinary share	2.00p	1.90p	4.05p
Ongoing charges1 2	1.14%2	1.08%	1.09%

1 Alternative performance measure.

2 Estimated as at 30 November 2023. Ongoing charges are the Company's annualised revenue and capitalised expenses (excluding finance costs and certain non-recurring items) expressed as a percentage of the average monthly net assets of the Company during the year.

CHAIRMAN'S STATEMENT

This report covers the half year to November 2023, a period of tightening monetary policy, when inflationary pressures began to wane and investors started to look forward to the end (or a part reversal) of the monetary tightening cycle in 2024.

Half-year returns

The Trust's NAV total return was down 1.3% over the half year, in contrast with the total return of the Deutsche Numis All-Share, Index, (dominated by returns on the largest stocks) which rose by 1.6%, and that of the Peer Group which rose 0.3%. The share price total return was -2.2%, owing to a slight widening of the discount, from 6.2% at the end of May to 7.3% at the period end.

The share prices of smaller companies and AIM stocks remained under pressure owing to concerns about the risk of recession but also to the persistent selling of UK equities by domestic investors. The Deutsche Numis, Smaller Companies + AIM index ex ICs total return was -3.7%, well behind that of the UK market as a whole.

The Trust's revenue earnings per share over the half year to November 2023 rose 6.7% to 2.38p, which compares with 2.23p last year. The Board has already declared a first interim dividend of 1p per share for the current year which, together with the second interim dividend of 1p declared with these results represents a rise from 1.90p to 2.00p in respect of the period. It is anticipated that, in combination, the four dividends for the current year will at least match those paid in the previous year.

Returns since the Trust was first listed in April 2011

Whilst recent returns have been disappointing, they are atypical of shareholders' experience since the Company listed in 2011. Over the twelve years and seven-month period since issue, the Trust's NAV total return was 171.7%, and its share price total return 144.0%, which compares to 147.4% for the peer group and 92.5% for the Deutsche Numis, All-Share Index.

Share Issuance and Redemptions

There are often fewer buyers of investment trusts when markets decline, in addition to which regulatory and other factors have led to selling of investment companies by some institutional investors in 2023. As a result, the sector's average discount to NAV widened from close to zero in 2022 to over 15% for much of autumn 2023, a level not seen (other than for a few days at the start of the pandemic) since the depths of the banking crisis in early 2009. Your Company's shares continued to trade at a relatively steady discount, which averaged 7.4% across the half year. As the Trust's NAV started to recover late in the half year (and beyond), its share price discount narrowed slightly, to 7.3% at the end of November. Since launch, the trust has traded close to its NAV, at an average discount of 1%.

As the Trust's daily share price reflects the balance of buyers and sellers, when there is an imbalance the Trust's share price can diverge from its NAV. In order to address any persistent imbalances between buyers and sellers, each year the Trust offers shareholders a voluntary option to redeem their shares. At the end of May 2023, 37.3m shares (10.5% of the issued share capital) were redeemed at NAV. A further opportunity will be offered in May 2024.

Prospects

There is a well-known pictorial illusion which, depending upon the viewer's perspective, can look like a duck or a rabbit (Google "duck or rabbit" to see). For much of the second half of 2023 this was what faced investors. Inflation rates were falling sharply, and interest rates had reached a plateau, but was the reason that higher rates were leading economies towards a recession (the hard landing fear) or that inflation had been more transitory than was diagnosed in 2022 so that its elimination did not require a recession and economies could rebound as it fell?

Either way, expectations have grown that interest rates have peaked in most major economies and will begin to decline in 2024. At the time of writing, it remains unclear whether this will occur to revive depressed economies or to reward declines in inflation in economies experiencing modest or weak growth. One scenario would argue for defensively hunkering down, the other in favour of looking forward to better times. Our strategy is adaptable to either. Diverse Income's manager aims to invest in well-managed, soundly financed companies which prosper in normal times but are able to use their cash flows and access to capital markets to gain strength in tougher conditions.

Partly as a consequence of the long-term structural factors that have contributed to the derating of the UK market, one particular feature of the past year has been the opposite directions taken by the large-capitalisation companies and the rest of the market, continuing the trend seen in 2022. In late October 2023 the large caps were little changed, while the mid and smaller capitalization stocks were down 5-10% and AIM stocks down almost 20%. When a market sustains a prolonged period of disengagement by investors, almost inevitably the less liquid parts suffer the most, a particular headwind for our manager's investment approach, which by design invests across the size spectrum. The consequence of recent shifts within the market is that the valuation gap in favour of smaller companies is as significant as it has been for many years.

More encouragingly, since late October, when there were tangible signs of the UK's inflation performance improving (alleviating fears of a further series of interest rate rises), the ensuing market recovery has been led by smaller and mid-sized companies. If this trend continues, the Company's exposure to smaller companies can be expected to become a tailwind and see better rewards in the coming year, on the back of improved earnings performance (as the cost and demand hurdles abate) and a greater willingness of investors to give credit for the fundamental performance of smaller companies.

Andrew Bell

Chairman

13 February 2024

 INVESTMENT MANAGER'S REPORT

Who are the fund managers that have day-to-day responsibility for the makeup of the Trust's portfolio?

The daily portfolio management of the Trust is carried out by Gervais Williams and Martin Turner.

Gervais Williams

Gervais joined Miton in March 2011 and is now Head of Equities in Premier Miton. He has been an equity fund manager since 1985, including 17 years at Gartmore. He was named Fund Manager of the Year by What Investment? in 2014. Gervais is also a board member of the Quoted Companies Alliance and a member of the AIM Advisory Council.

Martin Turner

Martin joined Miton in May 2011. Martin and Gervais have had a close working relationship since 2004, with complementary expertise that has led them to back a series of successful companies. Martin qualified as a Chartered Accountant with Arthur Anderson and had senior roles and extensive experience at Merrill Lynch and Collins Stewart.

These are the two managers who have managed the Trust since the launch, and thus they are responsible for its outperformance since issue in April 2011.

The Investment Management Report is set out in three sections.

Section 1 - Why do we believe that a multicap income strategy has major advantages over the longer-term?

Why was the Trust set up with an income strategy, given that over the last three decades some of the best returns have been generated by capital growth strategies?

Equity income strategies have delivered perfectly good returns over the three decades of globalisation. Some regard these returns as disappointing however, when viewed alongside those of various capital growth strategies where returns have often been quite exceptional. During periods when global stock markets appreciate well, it is usual for some capital growth strategies to generate returns that outpace other market sectors.

But this outcome only tells half the story, because over long time periods the global economy experiences a wider range of circumstances. There are periods when inflationary pressures are persistent for example, and when the downside risks of investing in assets funded with debt can have a disproportionate downside.

In our view, one of the advantages of an equity income strategy is that it has the potential to generate perfectly good returns across a wide range of equity market conditions. We worry that many capital appreciation strategies don't necessarily work as well through more unsettled economic conditions. Companies with businesses that make consistent losses for example, can only succeed if they raise additional capital regularly. When global stock markets rise progressively, such issuance can occur at ever higher share prices, greatly enhancing the returns of early shareholders. But when global stock markets are weak, consistently loss-making stocks may be obliged to continue raising capital, even at very distressed share prices, thereby greatly diluting the returns of the early shareholders.

When global stock markets are unsettled, companies that continue to generate surplus cash, such as equity income stocks, have a disproportionate advantage. As businesses with excessive debt fail for example, well-funded businesses can expand into the vacated markets, enhancing their prospects. At the same time, well-funded businesses can also acquire over-leveraged but otherwise viable companies, debt-free from the receiver, often for a nominal sum. Typically, these acquisitions empower the acquired body of skilled staff to greatly enhance the prospects of the combined business.

When the Diverse Income Trust was issued, its strategy proposed that it would invest in equity income stocks. It is envisaged that the portfolio would have scope to generate attractive returns both during globalisation as well as through more unsettled stock market conditions.

Given that megacap stocks have delivered such excellent returns recently, why was the Trust set up as a multicap strategy?

When mainstream stock markets deliver strong returns, a portfolio of larger quoted companies can generate perfectly good returns. Furthermore, being largecaps, these portfolios also have abundant market liquidity, so it is easy for institutional investors to change their portfolio stance rapidly. When global stock markets deliver strong returns for a number of decades, these advantages often encourage investors to narrow their investment universe into portfolios that comprise largecaps alone.

With globalisation, the returns on mainstream stock market indices have been so good for so long that an increasingly large percentage of investors have chosen to invest passively, with portfolio weightings determined solely by the scale of the individual stocks in an index. Within index funds the largest sums of capital are invested into the largest quoted companies, which tends to enhance the returns of the very largest megacap stocks. Meanwhile, as actively managed strategies lose market share and withdraw capital from a broad capital universe, this leads to persistent selling of numerous smallcaps that typically depresses their valuations. These factors have amplified the divergence between megacap and smallcap returns.

Whilst the globalisation trend may have been in place for some decades, the pattern of the global economy does vary considerably over time. Specifically larger quoted companies might have outperformed over recent years, but this is not usual. Over the longer-term, smaller quoted company outperformance is the prevailing trend. Academics refer to it as the `smallcap effect', where the return of a quoted company is inversely related to its market capitalisation. The returns of megacaps are outpaced by largecaps, that themselves are outpaced by those of smallcaps.

Hence, when the Diverse Income Trust was issued, its strategy included smallcap equity income stocks alongside large, given our ambition to generate attractive returns through unsettled economic conditions, as well as during the recent period of globalisation.

Given that the returns of the UK stock market have been outpaced by nearly all other global stock markets over recent decades, does a Trust principally investing in UK equities really have the potential to outperform global stock markets?

Whilst we acknowledge that mainstream technology stocks have delivered strong returns over recent years, we also highlight that at other times the advantages often lie with portfolios invested in equity income stocks, especially those that invest in both smallcaps as well as largecaps.

In our view, the essential advantages of the UK stock exchange lies in its contrasting investment universe. Specifically in the past, the UK stock market has greatly outperformed overseas exchanges, including that of the US. Furthermore, during these years the best performing part of the UK stock market was the UK smallcap sector.

So, the real advantage of the Trust's strategy is that it has the potential to generate attractive returns across a wide range of market conditions. Furthermore, a strategy investing in the UK can outperform global stock markets. That is why the Diverse Income Trust was launched as a multicap, equity income Trust principally investing in the UK equities.

Section 2 - Why have the Trust's returns been somewhat disappointing since April 2021, including over the half year period?

What were the principal stock detractors and contributors to portfolio returns over the half year?

Even when an investment portfolio is outperforming, the prospects of some portfolio holdings deteriorate. When the longer-term prospects of the Trust's holdings are significantly impaired, we have a policy of selling them. We aim to keep the portfolio fully invested in stocks that have the potential to generate abundant cash surpluses in future.

As UK smallcap share prices have been weak since April 2021, the share prices of many smallcaps have not risen as much as might have been expected when they have announced success. Meanwhile, the share prices of companies that have failed to hit their targets, have typically suffered more adversely as well. The outcome is that the returns on many of the smallcap income stocks in the Trust's portfolio have been much weaker than anticipated.

This pattern persisted over the half year to November, with the Trust's three worst detractors being I3 Energy, CMC Markets and Vanquis. The Trust invested in I3 Energy at 5p in August 2020, and its share price subsequently appreciated to 30p in early 2022 as the energy price rose. Whilst substantial profits were taken, with the energy price declining, I3 Energy's share price has fallen back to 10.3p at the end of November. This holding detracted 1.0% from the portfolio return over the half year. In the case of CMC Markets, it too had previously delivered very substantial capital appreciation to the portfolio, but subsequently stepped up its rate of investment, whilst its profitability fell due to lower market volatility. The holding in CMC Markets has also detracted 1.0% over the half year. In the case of Vanquis, we anticipate that the company is set for a major recovery after it scaled back its lending activities. The portfolio invested in anticipation of this recovery, although it has taken longer to come through than we anticipated. The Vanquis holding detracted 0.8% in the six months to November. Although the share prices of all three companies have been weak, we do not believe that their longer-term prospects have significantly deteriorated. Therefore, these stocks remain a part of the portfolio, as we expect their share prices to fully recover in time.

With the adverse sentiment towards smallcaps, some companies have agreed a premium takeover. Generally, we are not enthusiastic, because in our view the share prices of the companies being acquired could be considerably higher in the coming years, if they become more fairly valued by investors. A good example is DWF Group, where its share price had fallen back due to uncertainty about the outlook for legal businesses. Although it continued to hit the targets we anticipated, its board decided to recommend a takeover at a share price that, while higher than earlier this year, was no higher than the share price at which the Trust originally invested. Nevertheless, the deal has been accepted by shareholders, and the Trust's holding added 0.7% to total returns over the half year.

The cash generation of XPS Pensions and Galliford both exceeded our expectations over the half year. In the case of XPS, the company sold its National Pensions Trust subsidiary to SEI, thereby creating the market leader in the sector. XPS will be paid up to £42.5m for the disposal but will still continue to earn fees for administering what will now be a market leader. In the case of Galliford, a dispute on a past contract was resolved, and the cash received funded a special dividend, a share buyback and a small acquisition. Together these two stocks enhanced the total portfolio returns by 1.6%, although even now we still believe their prospects are not fairly reflected in their valuations.

Over the last five years, the Trust's NAV total return has only been 10.4%. Do these relatively disappointing returns reduce confidence in the longer-term upside potential of the strategy?

In recent years the share prices of UK-quoted smallcaps have suffered two periods of weak sentiment that has held back the Trust's returns.

1. The first extended from September 2018 as investors worried about the Parliamentary gridlock during the EU negotiations about the UK's leaving terms. Overall, between September 2018 and December 2019, the Trust's NAV total return underperformed the Deutsche Numis All-Share, Index by 5.9%.

2. The second extends from April 2021 and includes the current half year, due to an allocation crescendo into indexation strategies that has boosted the returns of many large and megacaps. Furthermore, as local investors have withdrawn capital from the UK stock market to invest in other assets such as government bonds, UK smallcap sentiment has been persistently weak. Between April 2021 and November 2023, the Trust's NAV total return declined by 14.4%, whereas the Deutsche Numis All-Share, Index total return was 11.7%.

And yet, since 1955 (the date when detailed UK stock market data was first compiled), UK quoted smallcaps have significantly outperformed all other parts of the UK stock market. Granted, these have been interspersed with some years of relatively poor smallcap returns, but, overall, the scale of the long term smallcap trend more than endorses the multicap nature of the Trust's strategy in our view.

The largest weighting in the Trust's portfolio currently is the Financial sector. In turn, over the last five years the returns from the Financial sector have contributed more than any other industry sector to the Trust's outcome. The best contributors have typically been largecaps as smallcap share prices have often been lower than might have expected. Over the last five years for example, M&G, Intermediate Capital, Legal & General, Admiral and Aviva have each contributed over 1% to Trust returns outpacing nearly all other contributors.

Interestingly, the best performer in the Financial sector was still a smallcap financial - XPS Pensions, which has contributed 2.0% to returns, even though UK quoted smallcap share prices have been less buoyant. Other notable contributors were FRP, Plus 500 and MAN Group that collectively added 2.8% to the Trust's returns over the same period. Over the last five years, the greatest detractor in the Financial sector was Vanquis, where the Trust has retained its holding in anticipation of future recovery. Even so, it alone still detracted 1.2% from the Trust's returns. Similar patterns have been seen in other industry sectors within the portfolio.

The bottom line is that we believe that the multicap nature of the Trust's portfolio has real advantages over strategies that invest solely in largecap equity income stocks, or even solely in smallcap equity income stocks. Specifically, we highlight that the Trust's revenue and dividend record has remained progressive, even though the Trust's NAV total returns have been held back by adverse smallcap sentiment over recent years.

Section 3- What are the prospects for the Trust?

Does the Trust's performance since launch in April 2011 provide reason to be confident about the Trust's strategy?

The section above highlighted that during the last five years, there have been two periods when the returns of UK smallcaps have been weak compared with the returns of the mainstream UK quoted companies. Whilst the Trust does have a portion of its portfolio invested in mainstream UK quoted companies, the larger portion is invested in other equity income stocks including those listed on the AIM Exchange. With the underperformance of UK quoted smallcaps over recent years, the Trust's returns have been disappointing relative to the Peer Group or that of the mainstream UK stock market indices. Even so, the strategy of the Trust had added so much return prior to the last five years, that its record since issue in April 2011 remains strong.

Between April 2011 and November 2023, DIVI's NAV total return was 171.7%, which compares with the Morningstar Investment Trust UK Equity Income Peer Group NAV total return of 147.4% and that of the Deutsche Numis Small Cap Plus AIM Index (excluding Investment Companies) of 80.6%.

We believe this outcome is reassuring, as it demonstrates that the multicap nature of the Trust's strategy has real potential, such that when it outperforms the Peer Group, the scale of that outperformance can be very significant. Furthermore, smallcap equity income stocks are typically less closely researched by professional investors, and so their prospects are not always reflected in their valuations. Investing in a portfolio of these has the potential to enhance their natural outperformance due to their smallcap nature. Hence, despite the Trust's disappointing returns over the last five years, we believe that its longer term record illustrates the full upside potential of its strategy.

What are the prospects for the Trust?

One of the characteristics of globalisation has been its benign inflationary background. When share prices weakened during economic downturns, the absence of inflation permitted central banks to inject additional financial stimulus again and again, in a trend that persistently enhanced bond valuations. Often there was a sequential improvement in the valuation of global equity exchanges as well. Overall, with valuations rising and the global economy expanding near-continuously, asset returns have been excellent over the globalisation decades. Whilst this outcome is welcome, we note that at other times asset market trends and hence the optimal investment strategy can be very different.

When interest rates rise above inflation, as recently for example, global growth often suffers a pronounced setback. At such times, largecaps with their major market positions can really struggle, as the largecaps can't easily make up for a demand shortfall by expanding rapidly enough in other areas. In contrast, smallcaps can be nimble and sometimes make up for a setback, by expanding elsewhere.

Furthermore, when interest rates and geopolitics are unsettled, supply within capital-intensive industries typically becomes inelastic due to the extra build costs and the higher rate of return required. Thus, if demand is sustained within some capital-intensive industries, operational assets can deliver some quite exceptional returns. Following the Ukrainian invasion for example, energy stocks delivered market-leading returns due to their capital-intensive nature, whilst the energy shortage itself further amplified inflationary pressures and interest rate rises thereafter.

Thus, if economic and geopolitical trends continue as currently, we believe they will favour the UK stock market because it is dominated by so many capital-intensive stocks. In addition, the UK stock market has a much broader universe of quoted smallcaps than others, that typically outperform when the global economy is constrained, or recessions are rife. During the persistent inflationary pressures and recessions between 1965 and 1985 for example, we note that the UK stock market greatly outperformed the US exchange. Alongside, one of the best performing parts of one of the best performing global stock markets were UK smallcaps!

Since issue, the Trust's broad investment portfolio has already outperformed the UK peer group and the UK indices. If the globalisation trend were to persist for a little longer, then we believe that the Trust will significantly outperform the UK indices and the Peer Group as before, as UK smallcap share prices sharply recover.

If the global economy and geopolitics remain unsettled however, then we believe the Trust's prospects are a lot more upbeat. Specifically, we anticipate that the UK stock market itself will outperform others - as it did in past decades. Furthermore, we also believe the best performing part of the UK exchange will be UK smallcaps.

In conclusion, it is easy to greatly underestimate the magnitude and duration of the Trust's potential upside, especially when so many of its portfolio holdings are standing on such overlooked valuations currently.

Gervais Williams and Martin Turner

13 February 2024

PORTFOLIO INFORMATION

as at 30 November 2023

Rank Company	Sector & main activity	Valuation £'000	% of net assets	Yield1 %
1 XPS Pensions	Financials	8,467	3.1	3.5
2 TP ICAP	Financials	6,896	2.5	6.7
3 Kenmare Resources	Basic Materials	6,860	2.5	12.0
4 Galliford Try	Industrials	5,983	2.2	10.3
5 Tesco	Consumer Staples	5,188	1.9	3.8
6 BT	Telecommunications	4,957	1.8	6.3
7 Legal & General	Financials	4,859	1.8	8.6
8 Sainsburys (J)	Consumer Staples	4,798	1.8	4.6
9 Just	Financials	4,757	1.7	2.3
10 Admiral	Financials	4,643	1.7	3.3
Top 10 investments		57,408	21.0
11 AVIVA	Financials	4,593	1.7	7.6
12 MAN	Financials	4,561	1.7	9.5
13 Paypoint	Industrials	4,510	1.7	8.0
14 Phoenix	Financials	4,472	1.6	11.2
15 Pan African Resources*	Basic Materials	4,407	1.6	4.6
16 Savannah Energy**+	Energy	4,407	1.6	-
17 Rio Tinto	Basic Materials	4,354	1.6	5.9
18 Sabre Insurance	Financials	4,313	1.6	1.9
19 I3 Energy**	Energy	4,286	1.6	9.9
20 Diversified Energy	Energy	4,167	1.5	21.1
Top 20 investments		101,478	37.2
21 Drax	Utilities	3,695	1.3	5.0
22 Plus500	Financials	3,631	1.3	5.4
23 FRP Advisory**	Industrials	3,557	1.3	3.7
24 BAE Systems	Industrials	3,535	1.3	2.7
25 Vodafone	Telecommunications	3,464	1.3	10.9
26 Conduit Holdings	Financials	3,452	1.3	6.1
27 Concurrent Technologies**	Technology	3,205	1.2	-
28 Accrol	Consumer Staples	3,193	1.2	-
29 Mears	Industrials	3,158	1.2	4.0
30 Hostelworld	Consumer Discretionary	3,056	1.1	-
Top 30 investments		135,424	49.7
31 CMC Markets	Financials	3,053	1.1	5.4
32 Yu*	Utilities	3,041	1.1	0.5
33 National Grid	Utilities	3,001	1.1	5.6
34 ME Group International	Consumer Discretionary	2,984	1.1	4.7
35 M&G	Financials	2,943	1.1	9.5
36 Smurfit Kappa	Industrials	2,892	1.1	4.0
37 NewRiver REIT	Real Estate	2,853	1.0	7.8
38 Taylor Wimpey	Consumer Discretionary	2,844	1.0	7.4
39 Shoe Zone*	Consumer Discretionary	2,775	1.0	4.1
40 LondonMetric Property REIT	Real Estate	2,662	1.0	5.4
Top 40 investments		164,472	60.3
Balance held in 82 equity investments  9		94,117	34.5
Total equity investments		258,589	94.8
Fixed interest investments		-	-
Total equity and fixed interest investments		258,589	94.8
Listed Put option
UKX - December 2023 5,700 Put		-	-
Total investment portfolio		258,589	94.8
Other net current assets		14,125	5.2
Net assets		272,714	100.0

* Source: Refinitiv. Based on historical yields and therefore not representative of future yields. Includes special dividends where applicable.

**AIM/AQUIS listed.

+ Security currently suspended

Portfolio as at 30 November 2023

Portfolio exposure by sector (%) - £258.6 million
Financials	32.5
Industrials	13.6
Energy	11.3
Basic Materials	11.0
Consumer Discretionary	8.0
Real Estate	6.1
Consumer Staples	5.8
Utiltiies	3.8
Telecoms	3.7
Technology	3.2
Healthcare	1.0
	100.0

Actual income by sector (%) - £8.1 million
Financials	28.9
Industrials	20.7
Energy	12.7
Basic Materials	11.4
Telecoms	6.6
Consumer Discretionary	5.6
Real Estate	4.6
Consumer Staples	4.4
Utilities	4.2
Health Care	0.5
Technology	0.4
	100.0

Source: Thomson Reuters.

FURTHER INFORMATION

The Diverse Income Trust plc's Half-Yearly Financial Report of the Company for the period to 30 November 2023 will be available today on www.diverseincometrust.com.

It will also be submitted shortly in full unedited text to the Financial Conduct Authority's National Storage Mechanism and will be available for inspection at data.fca.org.uk/#/nsm/nationalstoragemechanism in accordance with DTR 6.3.5(1A) of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

ENDS

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of this announcement.

LEI: 2138005QFXYHJM551U45

---

---